FxWirePro: USD/CAD consolidating around 1.3518, bias is bullish
The USD/CAD pair rose on Monday as Canadian dollar came under pressure from falling oil prices and dollar recovered after France's presidential election first-round win for the market's preferred candidate. Centrist Emma…
The USD/CAD pair rose on Monday as Canadian dollar came under pressure from falling oil prices and dollar recovered after France's presidential election first-round win for the market's preferred candidate.
Centrist Emmanuel Macron took a big step towards the French presidency on Sunday by winning the first round of voting and qualifying for a May 7 runoff alongside far-right leader Marine Le Pen.
Oil prices continued to decline after last week's selloff, weighed by signs U.S. production and inventory growth were offsetting OPEC's attempts to reduce a persisting global glut.
Short dip around 1.3450 should be viewed as buying opportunities, as the Canadian dollar is weaker against the US dollar in intraday trading.
Immediate support can be seen at 1.3446, break below this level will expose the pair to next support level at 1.3400.
Immediate resistance can be seen at 1.3522, break above this level will expose the pair towards 1.3592 levels.
